Capital account liberalization, financial depth, and economic growth
نویسندگان
چکیده
منابع مشابه
Capital Account Liberalization, The Cost of Capital, and Economic Growth
Capital-account liberalization was once seen as an inevitable step along the path to economic development for poor countries. Liberalizing the capital account, it was said, would permit financial resources to flow from capitalabundant countries, where expected returns were low, to capital-scarce countries, where expected returns were high. The flow of resources into the liberalizing countries w...
متن کاملCapital Account Liberalization, Free Long-term Capital Flows, Financial Crises and Economic
The first part of this paper examines the theoretical and empirical case for full capital account liberalisation in developing countries(DCs) and finds it unconvincing. Indeed, analysis and evidence presented here point to a compelling case against it. The second part considers the liberalisation of only the long-term capital account, particularly FDI a form of in-flow favoured by most economis...
متن کاملCapital Account Liberalization, Free Long-term Capital Flows, Financial Crises and Economic Development
The main objective of this paper is to review the theoretical issues and available empirical evidence on capital account liberalization. In addition to being of interest in its own right, capital account liberalizations is important to the debate on the New International Financial Architecture (NIFA) and to the post-Doha agenda at the World Trade Organization (WTO) in relation to foreign direct...
متن کاملCapital Account Liberalization
We examine the impact of capital account policies on FDI inflows. Using an annual panel dataset of 83 developing and developed countries for 1984-2000, we find that capital account openness is positively but only very moderately associated with the amount of FDI inflows after controlling for other macroeconomic and institutional measures. To a large extent, other country characteristics seem to...
متن کاملInternational Financial Liberalization and Economic Growth
This paper pulls together existing theory and evidence to assess whether international financial liberalization, by improving the functioning of domestic financial markets and banks, accelerates economic growth. The analysis suggests that the answer is “yes.” First, liberalizing restrictions on international portfolio flows tends to enhance stock market liquidity. In turn, enhanced stock market...
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ژورنال
عنوان ژورنال: Journal of International Money and Finance
سال: 2008
ISSN: 0261-5606
DOI: 10.1016/j.jimonfin.2008.05.002